Zambian leader optimistic of overcoming economic challenges

Zambian President Edgar Lungu said Wednesday that his government will overcome the economic challenges that have hit the southern African nation.

The Zambian leader, whose leadership is faced with a myriad of challenges brought about by a drop in copper prices which has resulted in the local currency depreciating by more than half, sending the inflation to a double digit and pushed the cost of living to unbearable levels. The country is also facing a power crisis brought about by low water levels at its reservoirs.

The rise in the cost of living has fueled consternation among citizens ahead of next year's general elections.

Food prices have soared while the crippling power shortage has forced the country's power utility to rationalize power for eight hours, affecting production in many industries which are being forced to use diesel-powered generators.

The situation has been exacerbated by threats by mining firms to cut down on operations, a move that may see hundreds of workers losing their jobs.

But Lungu, in a statement posted on his official Facebook page, assured people that the challenges being faced will be overcome.

"Our country is going through some challenges regarding issues of power, issues of food prices, issues of exchange rates, issues of unemployment and other difficulties facing the nation and our young people," he said.

Lungu, who became Zambia's sixth president after winning a presidential election held on January 20 this year after the death of President Michael Sata, faces general elections next year.

Analysts have predicted that the southern African nation may be forced to turn to the International Monetary Fund (IMF) for emergency support due to the current challenges it is facing. Endit